Title
RESOLUTION OF SUPPORT FOR THE REQUEST BY THREE RIVERS COMMUNITY ACTION AND ONE ROOF COMMUNITY HOUSING FOR TAX INCREMENT FINANCING ASSISTANCE FOR THE 52-UNIT BREWERY CREEK HOUSING DEVELOPMENT.
Body
CITY PROPOSAL:
WHEREAS, pursuant to Resolution 19-0336R, on May 13, 2019 the Duluth City Council expressed its support for the request from Three Rivers Community Action and One Roof Community Housing for low-income housing tax credits to assist in the financing and development of the Brewery Creek housing development; and
WHEREAS, pursuant to Resolution 19-0381R, on May 28, 2019, the Duluth City Council expressed its support to provide tax increment financing (TIF) assistance for the Brewery Creek Housing Development (Development); and
WHEREAS, the Development has increased in scope by 17 units and the cost to construct the Development has increased proportionately; and
WHEREAS, the City of Duluth has received a request to provide tax increment financing (TIF) assistance for the expanded Development;
NOW, THEREFORE, BE IT RESOLVED, that the Duluth City Council hereby supports providing 90 percent of available increment through pay-as-you-go TIF funds from a future TIF District for a term of up to 26 years, in connection with the construction of the Development consisting of approximately 52-units of multifamily affordable rental housing.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses City Council’s support for tax increment financing by Three Rivers Community Action and One Roof Community Housing for the Brewery Creek housing development, located at the southwest corner of 4th Street and 6th Avenue East. The Development has increased in scope since 2019 by 17 units, all of which will be affordable.